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Detecting and Understanding the Mechanics of Trade-Based Money Laundering

Criminal organizations use the international trade system to transfer value across international borders and disguise the illicit origins of criminal proceeds. According to the 2009 International Narcotics Control Strategy Report (INCSR), it is estimated that the annual dollar amount laundered through trade ranges into the hundreds of billions.

According to the February 2010 FinCEN Advisory on the topic of trade-based money laundering, SAR filings on this typology are increasing; however, it can be difficult for financial institutions, when involving in trade finance, to identify these schemes. The stakes are high. Because trade financing may be used not only to launder money, but also to finance international terrorism, to facilitate weapons proliferation, and to conceal and transport weapons of mass destruction, this topic is gaining international attention. What can financial institutions do to mitigate money laundering risk when they finance trade? What do the regulators expect from financial institutions that see only the documents related to a transaction and not the goods themselves?

In this webinar you will learn:

• How money can be laundered in trade: simple and complex typologies
• What are “red flags” that may indicate trade-based money laundering
• How to automate the process of assessing risks posed by trade financing activities
• What are the countries with the most rapid growth in potential TBML activity
• What AML/CFT safeguards to adopt?
• What the U.S. FFIEC BSA/AML Manual and the February 2010 FinCEN Advisory says about the topic

About The Speakers:

Dr. John Zdanowicz, Professor of Finance
Dr. John Zdanowicz, Professor of Finance, earned his Ph.D. in Finance from Michigan State University and was the Director of the Center for Banking and Financial Institutions at Florida International University. He serves on the editorial board of Money Laundering Alert and was a trainer at the Financial Fraud Institute at the Federal Law Enforcement Training Center. Zdanowicz has been engaged in trade pricing research for over 15 years.

Saskia Rietbroek, CAMS
Saskia was the founding Executive Director of the Association of Certified Anti-Money Laundering Specialists (ACAMS). She is president of AML Services International, a money laundering consulting and training firm, and Financial Crime Advisor to Fiserv, a Fortune 500 company. She serves on the Advisory Board of ACAMS and formerly Money Laundering Alert. She is frequently quoted in the New York Times and Wall Street Journal.

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